Project Financing Secured: Recurrent Energy’s 119 MW Solar Venture in Mexico

Canadian Solar Inc., a leading global solar and energy storage asset developer, has successfully closed non-recourse project financing for its Horus Solar project, a 119 MW solar facility located in Aguascalientes, Mexico. Recurrent Energy, a subsidiary of Canadian Solar, holds a 49% ownership stake in the project, with Korea Electric Power Corporation (KEPCO) and Sprott owning 15% and 36% respectively. The financing, totaling $51 million, consists of two tranches: a $43 million facility provided by Korea Eximbank (KEXIM) and an $8 million facility provided by KEB Hana Bank.

Securing a power purchase agreement (PPA) during Mexico’s third renewable energy auction, the Horus project is contracted to sell 75% of its electricity output for 15 years, along with Clean Energy Certificates for 20 years. The remaining 25% will be sold on the spot market. Having achieved Commercial Operation Date (COD) in March 2023, the project has been operational since then, utilizing Canadian Solar’s high-efficiency BiHiku bifacial modules.

Ismael Guerrero, CEO of Recurrent Energy, expressed appreciation for the collaboration with partners KEXIM, KEB Hana Bank, KEPCO, and Sprott in enabling this environmentally friendly solar project in Mexico. Guerrero reaffirmed Recurrent Energy’s commitment to the Mexican market, recognizing its favorable conditions for solar development on a global scale.